Bitcoin enters bearish territory as institutional buying wanes and key indicators turn negative, signaling a potential end to the current market cycle. Bitcoin is entering bearish territory as institutional demand dries up and key market indicators point to a downward phase, according to data from analytics platform CryptoQuant. Bitcoin (BTC) market conditions have turned the “most bearish” within the current bull cycle that started in January 2023, CryptoQuant said in its latest crypto weekly report shared with Cointelegraph. CryptoQuant’s Bull Score Index has declined to extreme bearish levels of 20/100, while the BTC price has fallen far below the 365-day moving average of $102,000 — a key technical level and the final bearish signal marking the start of the 2022 bear market. Read more
The exchange will publish monthly, independently verified reserve reports, giving users third-party confirmation that assets are fully backed. MEXC has expanded its partnership with blockchain security platform Hacken to introduce monthly, independently verified Proof-of-Reserves (PoR) audits, marking a shift toward a more formalized transparency framework for the exchange. The monthly audits will add independent verification to MEXC’s existing PoR system, creating an external record of reserves that cannot be altered internally. Hacken will publish each report independently, without MEXC’s review or approval, starting in late November. The checks will compare MEXC’s reserves with user balances across major assets. MEXC said its current reserve ratios remain above 100% across major assets, with users able to verify their balances through the exchange’s Merkle tree system on a dedicated proof-of-reserves page. Read more
Some users viewed the asset reallocation as an alarming sign of the platform’s ability to blacklist user funds without requiring a governance proposal. The Trump family-backed crypto project World Liberty Financial has reignited concerns about its ability to freeze and reassign user funds, despite promoting itself as “community governed.” The platform said Wednesday that it will reallocate assets affected in a pre-launch phishing attack that exposed the seed phrases of what it described as a “relatively small subset” of user wallets. WLFI said the compromised wallets were targeted through “third-party security lapses,” not issues with the platform or its smart contracts. “This was not a WLFI platform or smart contract issue. Attackers gained access to user wallets through third-party security lapses,” wrote WLFI in the X post. Read more
BlackRock’s spot Bitcoin ETF share price is down almost 23% since the end of the third quarter. The Abu Dhabi Investment Council (ADIC) nearly tripled its exposure to Bitcoin during the third quarter through BlackRock’s spot Bitcoin fund, according to a recent report. Several market participants saw it as a signal that institutional interest in crypto is still gaining momentum in the United Arab Emirates. ADIC, an investment arm of Mubala Investment Company, told Bloomberg on Wednesday it sees Bitcoin (BTC) as the digital equivalent of gold. Read more
Nvidia has posted a record quarterly revenue, which has helped dampen fears of an AI bubble and lift crypto and tech stocks. Tech and crypto stocks rose in after-hours trading on Wednesday after chip maker Nvidia’s third-quarter earnings beat expectations on the top and bottom line, allaying fears of an AI bubble. Nvidia reported record revenue of $57 billion for its third quarter ended Oct. 26, up 62% from a year ago and beating Wall Street projections of $54.7 billion. The company reported a profit of $31.9 billion, a 65% increase from last year and surpassing analyst expectations. It also gave a higher-than-expected guidance of $65 billion in revenue for its fourth quarter, suggesting the appetite for artificial intelligence isn’t yet slowing down. Read more